The Cons of Entrepreneurship

1. You have to be the one making all of the decisions.
   It can be fun to be in control of the entire business process, but it can also be a burden at times. Some decisions can be rather difficult, especially if you need to lay off workers or terminate someone’s employment. Let’s not forget about all of the paperwork that comes with every decision that gets made, taking up a lot of personal time and energy along the way.
2. Entrepreneurship is a highly competitive environment.
   You’ve always got to be on your toes when it comes to modern entrepreneurship. You never know where the next competitor might show up and take some of your market share. Not only are you forced to constantly innovate, but you’re forced to be constantly differentiating your business from the rest of the competition. That alone can be a full-time job… and you’ve still got at least one other full-time job to do.
3. Leadership is a lonely world.
   Many people enjoy the perks of leadership and being an entrepreneur, but they don’t really enjoy the outcome. Friends are few and far between when working as an entrepreneur. There are long hours when there will be no one else around. Not only does this mean there isn’t companionship, but there is only one place to lay the blame should failure occur. Many entrepreneurs see days blur together just because they’re either working or they’re not working.
4. Income doesn’t usually happen on a regular basis.
   Business opportunities can speed up and they can slow down. Many first-time entrepreneurs make the mistake of planning their income on the good times instead of the bad times and they pay for it dearly. There is no such thing as a regular paycheck in entrepreneurship. There’s only the income that you’re able to take home today. That’s why so many entrepreneurs put in long days. The only guaranteed chance that they have is right now.

A profession is something a little more than a job, it is a career for someone that wants to be part of society, who becomes competent in their chosen sector through training; maintains their skills through continuing professional development (CPD); and commits to behaving ethically, to protect the interests of the public.

1. An entrepreneur is a person, or a team of individuals, having a vision, which not just generates money, but can also ease the way in which things are done, by providing such products and services that has value to the customer, while taking all the risks, which comes in the way. Conversely, entrepreneurship is an art of turning an idea into reality, which is not only about arranging the resources to give shape to the idea but constantly making efforts in that direction, to earn profit in future and bearing all the risks or rewards.
2. An entrepreneur is just a person having a unique and practical idea in his/her mind. As against, entrepreneurship is the process of starting and running a business of providing creative products and services.
3. An entrepreneur is an innovator, as he/she conceives an innovative idea, which is not yet introduced by anyone else in the market. On the contrary, entrepreneurship is the way through which one can make innovations.
4. An entrepreneur establishes the business venture, in order to convert the idea, into a product or service, which can help many by easing the way work is performed previously. In contrast, entrepreneurship is all about undertaking the business and bearing all the risks that come in the way, to give a proper shape to the entrepreneur’s vision.

Most Common Entrepreneurship Myths

1. The only requirement is a good idea.
2. Starting a new business guarantees freedom.
3. Starting a new business guarantees freedom.
4. Only money motivates employees.
5. Businesses either flourish or fail.

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Business ethics can be defined as the code of conduct that a business must follow, such that it takes up only those activities that are desirable from the viewpoint of society. The purpose of business ethics is to guide managers and other employees in an organisation in performing their jobs in a manner that is socially acceptable.

Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.